NAR Wins Major Provisions for REALTORS®

The U.S. Senate passed a $2 trillion COVID-19 economic relief package Wednesday night with overwhelming bipartisan support.

The bill now goes to the U.S. House, where it is expected to pass, and President Trump has said he will sign it into law.

The measure includes $350 billion for the Small Business Administration 7(a) loan program.  Under the terms, eligible businesses (500 employees or fewer) can get up to $10 million toward mortgage interest, rents, utilities, and payroll costs. A portion of these loans will be forgivable.

“We worked with the drafters of this legislation to ensure that independent contractors and those living on a commission-based income will be eligible for the loans as well as the forgiveness provision,” said Shannon McGahn, senior vice president of government affairs for NAR.

The self-employed and independent contractors are also included in a dramatic expansion of unemployment insurance that could provide benefits for up to 39 weeks. These workers are not usually covered under traditional state unemployment benefit programs.

In addition, the bill contains:

  • A delay in payment of employer payroll taxes, with half due by the end of 2021 and the other half due by the end of 2022;
  • $500 billion to support large businesses like airlines affected by the virus
  • A one-time payment of $1,200 to most adult Americans and $500 per child

“This is the largest financial rescue package in our nation’s history,” McGahn continued. “Combined with two other relief packages that have already been signed into law and a likely fourth bill in the near future, this action represents a seismic and definitive action to help Americans and the economy through this national emergency.”

“We have worked closely with Congressional leaders and the administration during the past several weeks to ensure all three bills bring relief to the self-employed, independent contractors, and small businesses,” McGahn said.  “The real estate industry is responsible for millions of jobs and is key to our national recovery.”

NAR will provide a complete analysis of the bill and how it affects REALTORS®. Watch for regular updates on nar.realtor.

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8 Educational Videos About COVID-19

The Washington State Department of Health has released a series of eight ASL/captioned educational videos about the COVID-19 pandemic, including information on how to protect yourself and prevent the spread of the virus. Below are the YouTube listings available now:

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Real Estate & COVID-19

In response to the concerns about COVID-19, commonly referred to as coronavirus, the National Association of REALTORS® is providing guidance to help REALTORS® respond to the coronavirus’s potential impact on the real estate industry. Any updates from NAR and its response to the coronavirus emergency will be collected on this page. Of note, NAR has issued information and guidance on the following:

Be sure to refer to the CDC’s website for up-to-date information about COVID-19 (link is external), as well as information about the coronavirus’ current impact in the United States (link is external). Daily updates about the coronavirus are also available from the World Health Organization (link is external).

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